US-based online survey platform SurveyMonkey secured $250m in funding yesterday from backers including internet company Google, which invested through its growth equity unit Google Capital.
The round also featured participation from institutional funds and accounts managed by T. Rowe Price, Morgan Stanley Investment Management and Baillie Gifford, together with Tiger Global Management, Iconiq Capital, Social+Capital Partnership, Laurel Crown Partners, SurveyMonkey CEO Dave Goldberg, and Ryan and Chris Finley.
Founded in 1999, SurveyMonkey has developed an online platform people or businesses can use to conduct surveys. Private equity firm Spectrum Equity acquired the company in 2009, but it has since looked to raise capital externally.
The company raised $450m in equity from Google Capital, Tiger Global and Dave Goldberg, along with $350m in debt financing from a JP Morgan-led syndicate, in early 2013, just over two years after it had secured $100m in debt.
Goldberg said: “As SurveyMonkey continues to grow and seek new opportunities, we are excited to add a range of institutional investors to our already sophisticated investor base.
“We plan to use some of the new capital to pursue potential acquisitions as well as provide meaningful liquidity to our employees and investors who have shared in our growth over the years.”